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Have you ever waved at a really ratty Corvette just because it's a Corvette only to have them intentionally ignore you? Are there two words that come to your mind? The second word being ---- you!
I wave but don't get worked up if the other one does not - why make it a big deal?
And there have been times I am watching the road, changing the radio, whatever, and realize out of the corner of my eye a Vette just went by and waved. No malice, no snobbery, I just didn't see the guy in time. So not every one who does not wave back to you is snubbing you.